Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,641/mo
+$151/mo- Down payment
- $41,211
- Funds due
- $54,162
- Interest + MI left
- $572,001
- First ends
- Mar 2054
New loan
New conventional
$3,490/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $58,599
- Interest + MI left
- $630,338
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,788 | $431,099 |
| Second mortgage | — | — |
| First P&I | $2,950.56 | $2,920.41 |
| Second P&I | — | — |
| Mortgage insurance | $207.01 | $86.22 |
| Taxes, insurance & HOA | $483.25 | $483.25 |
| Total housing payment | $3,640.82 | $3,489.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,211
Closing costs & prepaids$12,951
Usable credit−$0
Total buyer cash needed$54,162
Earnest money paid−$0
Remaining funds due$54,162
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,789.99
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$574.75
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$736.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 3 moOf the original 30-year loan at 6.82%
Interest already paid$83,489Through Dec 2026
Assumption only · ends Mar 2054$572,001
New conventional · ends Jan 2057$630,338